Due the massive increase in Foreign property buying over the last decade and hence the transfer of huge amount of money from the UK to various countries, more and more " forex dealers" have started to emerge.
These are specialist foreign exchange brokers who do the same as banks but operate without the overheads. Independent research revealed that rates offered by forex dealers were 1.27% less than the lowest rate offered by a bank.
Up to now not many people have realised they can save money by using foreign exchange dealers, but given the statistics above, this would collate to savings of over £700m on properties bought in Spain alone. It only seems inevitable that forex dealers popularity is on the up.
A recent survey carried out on the differences between forex dealers and high street banks showed on average that forex dealers offer 0.49% higher interest rate than the average high street bank and charge approximately £15 compared to £20-£40 by the banks. This proves that the public can save substantial amounts by using a good forex dealer.
Other bonuses include next day delivery of your money where as a bank can take up to 4 days.
Some forex dealers are now taking it a step further and place your deposit when needed, organise a mortgage and facilitate the whole deal.
With cheap travel and people travelling more than ever, currency transfers aren't just for properties. They will be used for buying cars, boats and many other reasons, also giving saving to those who are moving back to the UK .
All the foreign currency exchange dealers have to follow compliance codes very similar to those of the banks.
There are currently around half a dozen forex dealers in this emerging market, and it is almost certainly to grow.
The long and the short of it is forex dealers claim to get you cash into a foreign bank account quicker and cheaper..... and so far they are proving to be right!
